Moniepoint announces security feature to enhance customer protection
Moniepoint, a Microfinance Bank (MFB) says it has added a security feature to its digital payments services, to enhance customer protection and prevent fraud. Babatunde Olofin, Managing Director, Moniepoint MFB, said this in a statement on Monday in Lagos. Olofin said the feature enabled additional factor authentication for customers when making payments. He said the Multi Factor Authentication (MFA) on its mobile and web applications was designed to simplify the payment experience, increase transaction success rates and significantly enhance security for consumers and businesses. “The MFA will apply to transactions over the sum of five hundred thousand naira and five million naira on the Moniepoint Personal Banking and Business Banking apps respectively. “It combines the ease of seamless payment experience with robust security measures, meeting both customer aspirations for convenience and regulator’s stringent authentication requirements. “Moniepoint’s MFA leverages advanced device-b...